Multi-component fibers having enhanced reversible thermal properties and methods of manufacturing thereof are described. In one embodiment, a multi-component fiber includes a fiber body formed from a set of elongated members, and at least one of the set of elongated members includes a temperature regulating material having a latent heat of at least 40 J/g and a transition temperature in the range of 22° C. to 40° C. The temperature regulating material provides thermal regulation based on at least one of absorption and release of the latent heat at the transition temperature. The multi-component fiber can be formed via a melt spinning process or a solution spinning process and can be used or incorporated in various products where a thermal regulating property is desired. For example, the multi-component fiber can be used in textiles, apparel, footwear, medical products, containers and packagings, buildings, appliances, and other products.